Avanir likely win patent case against Impax, says Jefferies After reviewing court transcripts, Jefferies believes Avanir (AVNR) is likely to win its Nuedexta patent trial against Impax (IPXL). The firm says that while the stock is may rally on the patent win, it sees limited upside and keeps a Hold rating on Avanir. Jefferies notes that its $4 price target already assumes full credit for the Nuedexta patent.
Impax downgraded to Sell from Neutral at UBS UBS downgraded Impax Laboratories to Sell saying the risk/reward is biased to the downside following the recent rally in shares. UBS attributes the recent run-up in shares to expectations the company will do more deals or get acquired. The firm does not see either scenario driving the stock much above current levels "any time soon." It keeps a $36 price target for Impax shares.